Without further ado, my new monthly budget.
|Auto (gas & maintenance)||$300|
|Bill (paid annually)|
Some important things to note. This budget does not include my business expenses, or rather bills I pay out of my business account and use for tax purposes including but not limited to my cell phone bill ($286 monthly,) Adobe Suite membership ($29 monthly,) Microsoft Office ($99 annually,) Dropbox ($99 annually) and so on. I have completely separated my personal and business expenses since I am working full time as a employee while continuing to work as a contractor.
My income is still pretty variable but the bulk of my income comes from my full time corporate job and a steady consulting job where I work 25ish hours per week. I currently have 4 sources of steady income and continue to pick up odd jobs. My income since March of this year has averaged about $6,000 per month. This is post-deductions for my W-2 full time job and pre-deductions and tax for my consulting jobs.
Now, with that being said, I already know there are changes coming to this budget…first, my deferment ends on my student loans in September at which time I will start paying a minimum of $305 per month AND per my last post, I am beginning to invest in my company sponsored 401K beginning this next pay period.
I did read all your advice and while I get more educated and review all options, I did cut back my 401K from my originally planned 20% to 10%. I am going to look at Roth IRAs, etc. over the next couple of months, and continue to build my local savings account.
I think most of my budget is self-explanatory, but here are a few notes:
- I now have to pay for Little Gymnasts training. Ouch! No more barter. The monthly cost is not quite $300 but I put some buffer in there to help cover the meet fees which will run most of the winter while he is competing.
- While my commute to work is only 12 miles, I have a two hour round trip 3-4 times a week for gymnast training, thus the higher gas cost.
- I opted out of the company sponsored health insurance due to its cost and limitations and instead chose to go with a Christian based medical sharing company. That is the month healthcare cost for the four of us (History Buff is now working full time.) I do have dental and vision through my corporate job for a very reasonable cost for the entire family.
- I know $200 is a lot for entertainment. It’s really more a buffer for odds and ends right now. Sports for the kids and misc housing costs as we continue to settle into our new home. (For instance, I have to buy Sea Cadet a bed this month before he returns from being gone all summer, working at summer camp.)
I will try to be responsive to questions. I know I have tightening up to do. I’ve recently pulled all my credit reports – ugh! So will get a debt update up in the next couple of weeks.